Banking vacancies have plummeted since Brexit — but job openings in other sectors are growing rapidly

Job vacancies in the banking sector have dropped by 18% since the
UK voted to leave the EU, according to new figures.

The data, released by recruitment site Reed, shows that banking saw the
biggest annual contraction of job listings out of any sector
following the Brexit vote.

It suggests employers are holding off recruitment until prime
minister Theresa May makes it clear whether she will end
financial passporting rights as part of a "Hard Brexit."

Financial passporting allows banks and financial services
companies to operate across Europe using their local licences,
rather than being regulated in each market it operates in across
Europe.
The Financial Conduct Authority (FCA) said earlier this year
that 5,500 companies with a combined turnover of £9 billion rely
on passporting rights.
Goldman Sachs could relocate 2,000 jobs to elsewhere in
Europe if it loses passporting rights and UBS and JPMorgan have
both warned of similar job moves.

However, Reed's overall job figures are more positive. The number
of jobs advertised on the site — the UK's largest — between July
and September increased by 9% on the same quarter last year to
280,000. That figure is the highest since the financial crash and
recession of 2008.

Industrial sectors, including motoring & automotive (+27%)
and manufacturing (+24%), saw some of the strongest growth.

James Reed, chairman of Reed, said that the overall outlook is
positive. "The UK jobs market is continuing to show resilience in
the face of ongoing uncertainty over what Brexit will actually
look like," he said in an emailed statement.

"We’ve seen a record number of new jobs available on reed.co.uk
this week after strong annual growth throughout the third
quarter.

"Clearly, British businesses have held firm and continued with
their plans to recruit. The biggest growth has been seen in the
motoring & automotive, manufacturing and retail sectors,
perhaps driven by the lower exchange rate," he added.

"However, banking and finance continue to decline and this is
having an effect on growth in London and the South East. It’s
essential the government now gives greater clarity on its
negotiating position for Brexit to underpin confidence in the
jobs market. Business leaders are already working hard to counter
the potential impact of leaving the EU and they must know that
the government is listening."